Compliance with Confidence

Month: August 2016

It’s nerve wracking when auditors ask questions that you have trouble answering – but what if you were confident that every last number and edit could be accurately traced? Read this blog to find out three simple ways you can pave the way for your best audit trail ever.

It’s that time again: Financial reporting season. Of course before you actually start creating a filing, there’s a laundry list of things you must to do to prepare: check your internal controls, gather precedents and consolidate your financials. Read on for specifics on the important role of disclosure research to the financial reporting process and how you can use it to your advantage.

Earlier this year, the FASB issued an update to ASC 718 as part of its Simplification Initiative – ASU 2016-09. In part 1 of our blog series, ASC 2016-09: Simple But Complex, we explored the changes to accounting for income taxes and the elimination of the APIC pool. In the second part, we discussed accounting for forfeitures. The third, and final, part of our blog series will focus on minimum statutory tax withholding requirements (to avoid liability accounting treatment).

Summer may be winding down but for year-end filers, this time of year signifies something more; as the season fades, so does the slight reprieve in filing deadlines. Here’s how to make the most of the time left before financial reporting season picks up again.

On March 30, 2016, the FASB issued an ASC 718 update, ASU 2016-09, as a part of its Simplification Initiative. In part 1 of our blog series, ASC 2016-09: Simple But Complex, we explored the changes to accounting for income taxes and the elimination of the APIC pool. Here we will discuss another key provision of the FASB’s new standard, accounting for forfeitures.

As part of its Simplification Initiative, FASB issued ASU 2016-09 on March 30, 2016, an update to ASC Topic 718. For public business entities, the amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. There are a few key provisions of the new standard, here we will focus on accounting for income taxes and elimination of APIC pool.

Competitive intelligence and business intelligence are two very broad concepts, and the world of disclosure has traditionally been separate. But where does the hard evidence come from? Financial reports contain the most accurate and telling information about a company. This is what we call disclosure intelligence. What makes for a leading disclosure intelligence strategy as opposed to a lagging one? Let’s explore the difference.